The province has increased the British Columbia Climate Action Tax Credit in an effort to lessen stress for British Columbians, and the second quarterly payment was made in the millions in October. British Columbians received their first payment in July to assist in the wake of the carbon tax increase. As per the BC Climate Action Tax Credit 2024 Latest Update from the British Columbia government, an individual may be eligible for up to CAD 447 annually, which would be more than twice as much as they received the previous year and an increase of over CAD 250 over 2022.
Then in October, over two million qualifying individuals and families has received the second quarterly payment. A family of four can now receive up to CAD 893.50, which is CAD 390 more than they could have last year. Here i am updating you with British Columbia Climate Action Tax Credit Status 2023, and i will also share the BCCATC Payment Release Date 2023 so you don’t miss any payment.
What is British Columbia Climate Action Tax Credit?
Since 2008, British Columbia has imposed a carbon tax and related tax shift. According to a BC policy, burning fuel like coal, diesel, or gasoline results in greenhouse gas emissions that are subject to additional carbon taxes. Its goal is to persuade people to lessen their impact on the environment by using less energy and being more efficient.
Low-income individuals and families can receive a tax-free payment known as the BC Climate Action Tax Credit (BCCATC) to partially offset the carbon taxes they pay. BC residents who meet the eligibility requirements will receive the benefit payment along with their quarterly GST/HST Credit payments. It is a part of the GST/HST Credit program run by the CRA.
BC Climate Action Tax Credit 2024 Status
|Payment Name||British Columbia Climate Action Tax Credit|
|Name of Organization||Canada Revenue Agency|
|Government||Government of British Columbia|
|BCCATC Payment January 2024 Release Date||January 2024|
|BCCATC Payment Amount||Mentioned below|
|BCCATC Payment Months||Mentioned below|
BCCATC Payment Release Date 2024
According to the Government of British Columbia, citizens who possess the Climate Action Tax Credit Eligibility 2023 has received the second installment of the Climate Action Tax Credit in October. Finance Minister made the announcement then, citing rising interest rates and inflation pressure as the reasons behind the GBC’s decision to raise income thresholds and expand the BCCATC.
The British Columbia CATC Payment January 2024 will show up on bank statements as a payment from the Government of Canada and is managed by the Canada Revenue Agency. According to the government, a family of four can receive up to CAD 893.50, or CAD 390 more than last year, with the increased credit. An individual can receive up to CAD 447 annually, an increase of CAD 250 from 2022.
The BCCATC Payment months are:
- July 2023
- October 2023
- January 2024
- April 2024
British Columbia CATC 2023-24 Eligibility
- A British Columbian citizen who is 19 years of age or older and has filed their taxes is eligible. The amount of credit that a person or family receives will be automatically determined by the Canada Revenue Agency (CRA).
- The credit for the family can only be accepted by one person if you have a spouse or CLP. The Government of British Columbia says that amount will not change regardless of who gets it.
- Parents who reside with a child under the age of 19 are required to register for the Canada Child Benefit. This can be done online via the CRA’s My Account portal or by completing an enrollment form.
BCCATC Payment 2024 Amount
One of the few provinces having a carbon tax or other form of pollution pricing is British Columbia. Low- and middle-class individuals and families can use the BCCATC January 2024 Payment to help in overcoming some of their expenses. BCCATC Payment Release Date 2024 will be the next payment month for those who qualify. The quarterly British Columbia Climate Action Tax Credit amount is one fourth of the APA and the maximum amount credited as BCCATC Payment will be as per:
|Children||111.50 CAD per child (223.50 CAD for the 1st child of a SPF)|
When is the BCCATC January 2024 Payment Issued?
Here i want to update you that in British Columbia, GST/HST credit is paid in addition to the BC Climate Action Tax Credit. If you are eligible for the credit, BCCATC January 2024 Payment will be shared in January 2024, July, and October on a quarterly basis. If the total amount due in July is less than CAD 50 per quarter, you will receive the full amount. To ensure that you receive your BCCATC Payment 2024 Amount, make sure your mailing address or DBT information is current.